August 17, 2020 Real estate developer who donated land to town accurately reported value and properly claimed deduction, Tax Court holds Ruling for the petitioner in Peter C. Emanouil, et ux. v. Commissioner, the Tax Court has held that a real estate developer who donated to a town part of the land on which he was building an affordable housing project had complied with qualified appraisal requirements and had not contributed the property as part of a quid pro quo exchange. Further, the court held that the petitioner had accurately reported the fair market value of the contributed property. The court emphasized that the donation was not an easement, but rather a fee simple transfer, so the question at issue was simply one of valuation. | ||||
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